Brands must reduce costs, enhance sale, and consumer experiences to improve cashflow.
This piece suggests tips businesses can use to augment working capital amid the pandemic. First-off, brands must assess their financial situation to understand their position in the industry better and focus on optimising cashflow.
Creating a detailed contingency plan can help brands factor-in various scenarios in advance, during crises and increase cashflow. Businesses should enhance their online presence and drive digital transformation to improve efficiencies and effectiveness while lessening transitional work.
Monitoring KPIs and customers’ and supplier’s financial health can provide marketers with real-time insights to build effective action plans. Generating new leads and diversifying the products/services portfolio is recommended to create working capital and acquire new clients.
[3 minute read]